Texas: Elon Musk, CEO of Tesla, SpaceX, and X (formerly Twitter), saw his net worth soar by $26.5 billion after Donald Trump’s victory in the 2024 U.S. presidential election. Musk, a vocal supporter of Trump, welcomed the election results, calling them a clear expression of the American people’s will.
The surge in Musk’s wealth is largely driven by rising stock prices in Tesla and other Musk-led ventures, as investors anticipate pro-business policies under a second Trump administration, including regulatory rollbacks and tax reforms. Tesla shares jumped nearly 12% on November 6, while SpaceX and other private holdings also saw gains.
Analysts attribute the market boost to expectations that Trump’s administration will reduce corporate taxes and environmental regulations—moves seen as beneficial to Musk’s business interests. “We are entering an era where innovation and entrepreneurship can thrive again,” Musk said in a statement, praising Trump’s focus on job creation and economic growth.
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